Since the introduction of the Mortgage Credit Directive in 2016, mortgage brokers have been offered different routes for selling second charge (secured) loans.
The Financial Conduct Authority has offered three options to brokers:
- Advise on secured loans to retain your independent and “whole of market” status
- Include Secured Loans in your Scope of Service, but refer those clients to a company such as Norton for advice and packaging. You will not be able to class yourself as independent or whole of market if you do this.
- Do not include secured loans in your scope of service.
At Norton Broker Services, we are offering our FCA Registered brokers the option to give advice or introduce.
For more information about this, please visit the FCA website.
Advice given by yourself
- Register with Norton
- Contact the broker team with any questions you may have about using our packaging service
- A member of the team will forward you a Packaging Terms and Conditions Document. Please fill this out and sign it, then send it back to the broker team
- You will also receive a packaging brochure, detailing all the information you will need about the process
- You will also receive an Income and Expenditure form for you to fill in with your client.
- The broker team will organise for your account with us to be extended to allow submissions for packaging
- You can use our Quick Quote to source a possible deal and indicative rate. From this tool you can also produce a standardised ESIS for your client
- During the packaging process, all queries and requests for paperwork will be directed through you and Norton will not contact your client at any time.
If you have any questions about the packaging service, please call the broker team on 01709 321 665.